LOS ANGELES — SolarCity Corp on Wednesday said it would cut operating costs, including slashing its chief executive’s salary, to bring expenses in line with its reduced solar installation outlook.

The company said Chief Executive Officer Lyndon Rive and his brother, Chief Technology Officer Peter Rive, had asked to have their annual salaries reduced to US$1 from US$275,000, as part of the company’s cost-cutting plans.

The Rives’ move comes a week after Chief Executive Officer Tom Werner of rival solar company SunPower Corp, said he would reduce his salary and bonus to US$1 for the rest of the year as part of a broader restructuring.

SolarCity will incur restructuring charges of about US$3 million to US$5 million, mostly in the second half of this year. Most of the spending will be on severance benefits.

SolarCity did not immediately respond to requests for further details on the restructuring plan.

Earlier this month, SolarCity cut its 2016 installation forecast for the second time, citing lower residential bookings in the first half. The company said late last year that it would slow its pace of growth to focus on generating cash. Investors have punished the company’s stock, sending it down 60 per cent since December.

In a separate filing, SolarCity said it planned to issue US$124 million in bonds. The bonds carry a 6.5 per cent interest rate, higher than any of SolarCity’s previous offerings, and also have a longer maturity rate of 18 months.

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